Thursday left with another myriad of corporate announcements, being that of Michael Kors and bebe the ones catching everyone´s attention.
In London, Austin Reed Group’s creditors have approved the “likely” closure of 31 stores across the UK and other measures outlined in the business’s Company Voluntary Arrangement.
On a separate note, Stein Mart (NASDAQ:SMRT) reached a new 52-week high on Thursday following a dividend announcement from the company, ‘AR Network’ reported.
The stock traded as high as 16.55 dollars to close at 15.90 dollars, with a volume of 922,309 shares trading hands. Analysts at Canaccord Genuity reiterated their ‘buy’ rating and set a 18 dollars price target on shares of Stein Mart in a research note earlier this month.
Elsewhere, bebe stores, Inc. (NASDAQ:BEBE) announced Thursday unaudited financial results for the second quarter ended January, 3, 2015.
Commenting the results, Jim Wiggett, Chief Executive Officer said, “We saw meaningful improvement in our results during the second quarter. Our comparable store sales increased 8%, driven by strong sell through of our merchandise across all regions.”
“We also delivered gross margin expansion resulting from a higher percentage of full price sales compared to last year, which also contributed to the improved earnings performance. Importantly, we ended the quarter with clean inventory levels and a compelling merchandise assortment that we believe will help to drive continued momentum for the company.”
“Our top priorities remain to drive improved results in both sales and gross margin, as well as to preserve cash, and we believe that we are headed in the right strategic direction to achieve these objectives.”
But big news of the day was Michael Kors Holdings Ltd (KORS), as the beloved luxury company forecast a lower-than-expected profit for the current quarter as heavy discounting and increased promotions weigh on the luxury accessories retailer's margins.
Shares of the company fell 9 percent in pre-market trading.